The houses are in terrible areas, they likely need more work than the house is worth, the tenants are terrible, and you can't finance out of them.I think a lot of folks buy these properties because they're so cheap and they think they'll appreciate as Detroit comes back.

If this is a terrible idea, please feel free to tell me so.I have also set up an LLC under which I will title the property (hopefully the first of many).

The problem is the local banks here are not very aggressive and have terrible terms, probably because of the high rate of foreclosures in the city.

It saved me from a terrible investment!

Overall buying based on "AirBnb potential" sounds like a terrible concept. 1 excited municipality can wipe out your profit with the swipe of a pen.1.

If someone has terrible credit, but can show steady employment, good rent:income ratios, good Landlord references, and they are willing to pay more up front, then I'll consider them.

If you are in a non-regulated state, I've found that all of the terrible, unpropfessional and inexperienced PMs will do your advertising for you, the doors just drop in your lap if you know what you are doing. 

According to the zoning chart, non-owner occupied STRs in commercial zones are covered as - PC Permitted subject to certain conditions (Ch. 17.16)Owner occupied STRs in commercial zones are covered as - A Permitted as accessory to principal use (Ch. 17.16)So if you are doing non-owner occupied, you need to find out what certain conditions need to be met in order for you to do it.Personally I would avoid Nashville as it isn't terribly STR friendly and there is not sign it will get better.

It's a terrible deal at the asking price.

Just a heads up, cash out refinances will look normal at 60% loan to value.  70% loan to value with 780+ credit scores its a little worse, but not terrible.